Feb 03 2012 |
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Jordan: Prices of residential properties likely to stay high despite sluggish demand
By Omar ObeidatAMMAN -- Homebuilders expect sluggish demand on residential properties this year.
And, without an abundant supply of apartments available for sale, real estate developers interviewed by The Jordan Times on Thursday do not see the weak market pushing home prices down.
According to Zuhair Omari, president of the Housing Investors Society (HIS), the government's decision early this year to freeze incentives given to homebuyers over the past three years will cause the decline in purchases.
The sector recorded impressive growth in 2011 due to tax and fee exemptions given to buyers.
Developer Numan Hamshari agreed with Omari that home prices are not set to go down, noting that land prices have risen recently in addition to increases in construction material and higher labour costs.
"Prices will not drop although trading in the property market declined sharply last month after the government halted exemptions to buyers," he said.
Noting that around 7,000 Syrians have taken refuge in Jordan, Hamshari added that the vast majority are residing on border cities such as Ramtha and Mafraq.
Jamal Madani, marketing manager at Ishtai Housing Company, also cited rising land values and construction material prices for maintaining the prices of residential properties.
According to official figures, trading in the real estate market in 2011 grew by 8 per cent over the previous year, reaching JD6.4 billion compared with JD5.9 billion in 2010.
The figures showed that a total of 28,493 units were sold in 2011 compared with 23,721 apartments in 2010, a 20 per cent rise.
© Jordan Times 2012
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